By Andrew Ganz
Wednesday, Aug 1st, 2007 @ 9:04 am

BMW reported this morning that its second quarter profits slipped 4.3 percent over the same period in 2006, but the carmaker still expects to sell a record number of cars this year and to make a higher pretax profit than last year. BMW, like most other European carmakers, blamed the strong euro, which is hurting exchange rates and materials costs.
BMW also said that the cost of launching the upcoming 1-Series was partially to blame for the slip in profits. Still, BMW earned more than $1 million for the quarter as sales revenue increased 11 percent. BMW sold 8.6 percent more cars from its BMW, Mini and Rolls-Royce lines. The 3-Series, X5, Z4 and Mini all saw sales increases.

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